You do good deeds to help other people, but you can also help yourself and your business while giving to others. You can claim a valuable tax deduction for any charitable contributions you make during the year. Next time you are feeling a little generous, consider giving some of your products, unsold items or unused office equipment and furniture to a local charity. Not only will you put a smile on the face of someone in need, you will show that your business cares and give yourself a bigger tax refund.

Inspect all of the items you are donating to make sure they are in fair to excellent condition. Make sure clothing has no tears or stains, furniture is not structurally damaged and all items are in working order. Many charities will accept items in poor condition; however, you cannot use these things for a tax deduction.

Search thrift stores and classified ads to find the value of similar items in the same condition. This value is known as the fair market value, and this is the amount that you may deduct on your tax return.

Take items valued at over $500 to a professional to be appraised. Obtain a written appraisal from the appraiser to keep with your tax records. This is an Internal Revenue Service requirement; without a written appraisal, you may not claim a deduction for items valued at over $500.

Obtain a written receipt from the charity for all of the items that you donate. Make sure to have a representative of the organization include a description of each item as well as the value on this receipt. Keep all receipts with your tax records for a minimum of three years after filing.

About the Author

Jessica Leigh is a professional writer with works published for "The Houston Chronicle" and various websites. In addition to pursuing a degree in legal studies she has years of experience in the financial industry as a tax preparer.